UK's GDP Can Fall by 25-20% in Second Quarter of 2020 Amid COVID-19 Pandemic, Says Chancellor Rishi Sunak
The UK's gross domestic product (GDP) could fall by 25 to 30 per cent in the second quarter amid the COVID-19 pandemic, Chancellor Rishi Sunak said. Sunak made the remarks when discussing with his colleagues about the virus's impact on the economy as members of the cabinet pressed for easing lockdown restrictions next month
London, April 13: The UK's gross domestic product (GDP) could fall by 25 to 30 per cent in the second quarter amid the COVID-19 pandemic, Chancellor Rishi Sunak said. Sunak made the remarks when discussing with his colleagues about the virus's impact on the economy as members of the cabinet pressed for easing lockdown restrictions next month, reports Xinhua news agency.
City analysts have forecast an average 14 per cent contraction in the economy caused by the coronavirus lockdown, but some banks have predicted a drop of 24 per cent. The Treasury is conducting its own analysis which is yet to be completed. Ten cabinet ministers are now pressing for the easing of the lockdown next month because they are concerned that the "cure" for the disease. UK Government Announces Operations of 2nd Batch of 12 Chartered Flights to Evacuate British Nationals Stranded in India Due to Coronavirus Lockdown.
Meanwhile, the coronavirus death toll in Britain has increased to 10,629, while the number of confirmed cases reached 85,208. Prime Minister Boris Johnson "has been discharged from hospital to continue his recovery at Chequers", a Downing Street spokesman said Sunday. "On the advice of his medical team, the Prime Minister will not be immediately returning to work. He wishes to thank everybody at St Thomas' for the brilliant care he has received," the spokesman said.
(The above story first appeared on LatestLY on Apr 13, 2020 09:31 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).